tv [untitled] November 15, 2011 5:00pm-5:30pm PST
these were expected to quadruple by 2009. this is dealing with misleading disclosures from 2002 and 2003. none of that was disclosed. the argument that the sec made was that the city would have difficulty finding their future contributions without either new revenues reducing benefits or reducing city services. all that has been in place. those projections made about what to bring the annual payments occurred and the city of san francisco has been reducing services in response. we also dealt with misleading disclosure concerning pensions. we highlighted the key facts in slots 22 and 23.
this is the first sec enforcement against the state. the rest has been against cities, counties, other government issuers. this one was for negligence. the mere negligence was sufficient to bring action against the state of new jersey. slide 24 is the one i want to highlight. it is a very interesting statement by the sec and the strongest statement that have made about what they view, as far as written controls and training. what they said was the state was aware of the underfunding of pensions but due to a lack of procedures, the state made
material misrepresentations. the sec, for the first time saying, the failure to have written controls, the failure to have training, was actually the cause of misleading disclosure. the sec, as we discussed, does not have direct jurisdiction over issuers. they are seeking it. they are using enforcement actions to make the strongest statement they care about what they think should be imposed upon you. once again, britain controls and disclosure training. -- written controls and disclosure training. why you want to do both of these written controls and disclosure training? within the rigid controls and training, there is a greater likelihood that there will not
be an omission when they come to market. the other key fact is, even if one were to occur, the sec cannot bring a case unless, at a minimum, there is negligence and possibly recklessness of intent. what we are trying to establish by adopting britain controls is to establish a defense that says, even were there to be a problem, we have done what you assets to do. you told us to do britain controls and training. we have done that. why with the sec wants to bring enforcement action against us? it would not set an example to the market. 26 and 27 -- 26 is a slide that shows the key features within the original statement. 27 reflects certain observations, one of which is apparent that it is always easier after the fact when
things go awry to say, was everything accurate about the disclosure? because of that, if there's any question about whether or not to disclose the tendency of the team is to disclose. the sec, in the orange county report, those of us who have to interpret it, in reading it closely, they allege that the board members new material facts and did not bring it to the attention of the financial team. how do we interpret that? what advice can give you if we are not aware of whether that is the case? is it necessary that the board members, in each case, review the complete, official statement. the answer is no. the sec as short as you can reasonably rely upon financial staff as long as you are comfortable that they have the necessary experience and
qualifications. we have a series of questions and i'm going to summarize these on slides 29-31. your situation is, the sec says there are two things you can do. read the document as a whole and approve it or authorized the staff to do the approval. you have a blend of the two. what you do is approved it in preliminary form had authorized the staff to finalize it. what you should be doing is saying, are there any known existing facts, and i have used the litigation as the example, where there may be a material judgment? and you want to know how that is being handled. this situation where you have been briefed in a closed meeting with the city attorney's office,
you are aware that they have it, you have to be comfortable with that disclosure. the other concern, besides the things you have been briefed about, is our concern, as members of the financing team, the city's attorney's concern, are there any meetings you have of which you have knowledge that you like to bring to our attention? we can do the best with what we have to put together a comprehensive documents, but are there things that you know that we may not know? if you have any doubts whatsoever, bring them to our attention and if you can rely upon that judgment, you are then protected. what i want to establish, as far as your comfort in relying upon the staff, this is slide 34.
we focus on the strong statement in the new jersey order that was the lack of written policies and training that led to the problems. having read that, and based on the experience that the deputy attorney has, they have hired us to come in and helped draft written disclosure controls, policies, and also do the training. when you are determining whether or not you are comfortable relying on a financial staff, he lined up on the city attorney's office, recognize that we do have detailed written disclosure policies, you are conducting the training, the in the sec has asked us to do. in addition, there has been a working group established within the city's. this is comprised of all of the
key city officials that had knowledge of the financial and legal matters going on in the city. to make sure that, collectively, they review official statements and that it is accurate. have engaged outside counsel to help with these procedures and have the deputy city attorney for disclosure. once again, we established, we think, with the city attorney's office, the strongest possible defense. we have done exactly what the sec has asked us to do. we cannot guarantee that that will assure there will be no mistakes. what we can do is assure you it that we have done the best we can to defend you. were there to be some problem, you have a strong defense that you were not reckless, you were not deceitful, you did exactly what the sec asked you to do. with my 30 minutes, i have used
25. i normally take 90. i have curtailed this significantly to. what we did was, we have -- there are hundreds of sec enforcement cases. what i would frequently do is go through a number of the key thing -- the key cases that affect issuers. for this presentation, we cut for that. you do not want to know all of those facts. what you want to know is our collective judgment as to how to proceed. we did highlight the one that speaks to you directly, the orange county report, and we took that into account. i would be happy to answer any questions about the procedures, the cases, anything else dealing with disclosure. president chiu: any questions? ok. thank you for your presentation. are there any members of the public that wish to comment on this presentation?
>> i was promised someone would sing after i spoke. president chiu: i think we would love to see how walter would make securities rhyme with something. let me see if there are any members of the public who wish to comment on this item. seeing none, public comment is closed. unless there are any further questions, again, i want to thank you for the presentation. my colleagues and i do understand the importance of due diligence when it comes to ensuring that everything that we are approving is consistent with everything that we know. thank you for that reminder. with that, why don't we go to our adoption calendar?
my apologies. i neglected to call the 4:00 special item. >> public hearing of persons interested in the decision of the planning commission additional use offer -- conditional use authorization to install antennas on mission street. also, items 18, 19, 20. supervisor campos: i would make a motion to continue this matter to december 13. president chiu: there is a motion to continue these items
to december 13. i understand i'll be a 3:00 p.m. special order. >> on december 13, we currently have a free o'clock for the fillmore community benefit district. president chiu: why don't we have a second 3:00 special order for that day, given that it will be the final meeting of the year? with that, supervisor campos has made a motion to continue and there has been a secondary let me ask if there are any members of the public that was to comment on the motion to continue. seeing none, public comment is closed. on the motion to continue, if we could take that without objection. that will be continued to the 13th of december at 3:00 p.m. now to the adoption calendar. >> items 21-28 will be enacted on by a single roll call vote on last a member requires an item
to be discussed separately. supervisor elsbernd: item 24. supervisor chu: 71. president chiu: if we could take a roll-call vote on the rest of the calendar. supervisor chu: aye. supervisor cohen: aye. supervisor farrell: aye. supervisor kim: aye. supervisor mar: aye. supervisor mirkarimi: aye. supervisor wiener: aye. supervisor avalos: aye. supervisor campos: aye. president chiu: aye. collapse there are 11 aye's. president chiu: these resolutions are adopted. >> to support a full legislative process for the 2012 farm bill.
supervisor elsbernd: i moved to continue this for one week. president chiu: there is a motion and a second. if we could do that without objection, this item will be continued to the 22nd of november. madam color, can you read the in memoriams? >> this will be adjourned on behalf of supervisor kim and president chiu for the late ho. on behalf of supervisor avalos for the late jesse morris. president chiu: is there a more business in front of this body? >> that concludes our business for today. president chiu: ladies and gentlemen, we are adjourned.
>> about four years ago, [inaudible] look at how beautiful this was. there is our relationship to the planet. these regions are the wealthiest, the most powerful. that really has impacted the planet. it is almost impossible now to go anywhere and had it really be completely dark. there are very few locations
that you can find. that means our relationship to the sky, there is a way where we dominate the sky. we cannot see anything really. we are blinding ourselves in a way. >> you can look at the images, they are beautiful. when i started four years ago, there was a conversation about environmental issues that was very different. this is not being talked about
in the way it is now. . this has just been like an amazing growth. i anticipate the project to be something that opens a dialogue to public interest in these ideas. so the work is really made to be seen in this environment. it's been show in museum, in gallery, but never in a public setting. and it's kind of ideal for both myself and the works to have this real dialogue with the public not only in san francisco but people coming from all over the world. >> since the dawn of electricity, that light is something that people feel connected to and inspired by. personally, there is space to keep that alive, just finding
>> the public wants to access particular information about your house or neighborhood we point them to gis. gis is a combination of maps and data. not a graphic you see on a screen. you get the traffic for the streets the number of crimes for a police district in a period of time. if the idea of combining the different layerce of information and stacking them on top of each other to present to the public. >> other types of gis are web based mapping systems. like google earth, yahoo maps.
microsoft. those are examples of on line mapping systems that can be used to find businesses or get driving directions or check on traffic conditions. all digital maps. >> gis is used in the city of san francisco to better support what departments do. >> you imagine all the various elements of a city including parcels and the critical infrastructure where the storm drains are. the city access like the traffic lights and fire hydrants. anything you is represent in a geo graphic space with be stored for retrieval and analysis. >> the department of public works they maintain what goes on in the right-of-way, looking to dig up the streets to put in a